IBM, Anthem, Aetna, PNC Bank, and Health Care Service Corporation (HCSC) recently announced they have formed a collaboration that will endeavor to design and build a network using blockchain technology aimed at improving transparency as well as interoperability in the healthcare industry. The goal is to develop an inclusive blockchain network that can serve several members in the healthcare ecosystem in a safe, shared environment. The aim is to enable the blockchain network to help healthcare companies to create, share, and deploy solutions that facilitate digital transformation in the industry.

The companies noted that despite significant endeavors to digitize healthcare information, substantial improvements in interoperability and transparency among various groups in the healthcare industry are still deemed a necessity. They added that healthcare information could be exchanged more efficiently by cutting down administrative errors and friction via the application of blockchain technology. And these improvements, once achieved, stand to improve patient care and bring down unnecessary costs.

Members of the collaboration plan to make use of blockchain to tackle with a variety of industry challenges, which includes promoting efficacious claims and payment processing, so as to facilitate safe and smooth healthcare information exchanges and also to maintain existing and precise provider directories.

Lori Steele, General Manager for Healthcare and Life Sciences, IBM, said, "Blockchain's unique attributes make it suitable for large networks of members to quickly exchange sensitive data in a permission, controlled, and transparent way. The fact that these major healthcare players have come together to collaborate indicates the value they see in working together to explore new models that we think could drive more efficiency in the healthcare system and ultimately improve the patient experience."

The companies are actively striving to further elucidate the early use cases for the health utility network. The collaboration will add other members, including other health organizations, healthcare providers, technology companies, and startups, to the network over the next few months.

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